Revenue declined 12.4% year-over-year to $4.0B in 2026Q2, yet operating margin of 13.8% and ROE of 5.5% indicate resilient hedging, though mark-to-market swings (EPS from -$0.93 to $2.88) distort underlying trends.
Vistra Corp. (VST) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 15.98B | 16.97B | 19.38B | 15.54B | 17.84B | 13.33B | 11.06B | 11.5B | 10.05B | 5.38B | 5.26B | 5.37B | 5.98B | 5.9B | 5.64B |
| Revenue Growth % | -28.4% | -12.41% | 24.67% | -12.86% | 33.78% | 20.53% | -3.83% | 14.46% | 86.78% | 2.32% | -2.09% | -10.17% | 1.34% | 4.67% | - |
| Cost of Revenue | 13.91B | 14B | 11.68B | 10.37B | 14.02B | 13.27B | 8.56B | 8.94B | 7.8B | 4.62B | 4.34B | 4.38B | 5.03B | 5.06B | 5.05B |
| Gross Profit | 2.07B | 2.97B | 7.69B | 5.17B | 3.81B | 60M | 2.5B | 2.56B | 2.24B | 761M | 918M | 992M | 952M | 837M | 589M |
| Gross Margin % | 12.97% | 17.52% | 39.7% | 33.27% | 21.38% | 0.45% | 22.61% | 22.25% | 22.33% | 14.14% | 17.46% | 18.47% | 15.93% | 14.19% | 10.45% |
| Gross Profit Growth % | - | -61.34% | 48.77% | 35.58% | 6256.67% | -97.6% | -2.27% | 14.04% | 194.88% | -17.1% | -7.46% | 4.2% | 13.74% | 42.11% | - |
| Operating Expenses | 1.7B | 1.64B | 1.47B | 1.26B | 1.18B | 1.05B | 1.02B | 900M | 891M | 600M | 647M | 676M | 708M | 756M | 739M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.1B | 4.29B | 8.86B | 5.78B | 4.63B | 988M | 3.46B | 3.47B | 2.95B | 996M | 1.09B | 1.31B | 1.68B | 1.58B | 1.37B |
| EBITDA Margin % | 19.41% | 25.25% | 45.72% | 37.19% | 25.97% | 7.41% | 31.27% | 30.17% | 29.39% | 18.51% | 20.69% | 24.41% | 28.17% | 26.78% | 24.33% |
| EBITDA Growth % | -70.46% | -51.63% | 53.27% | 24.78% | 368.83% | -71.44% | -0.32% | 17.51% | 196.49% | -8.46% | -17.01% | -22.15% | 6.58% | 15.24% | - |
| Depreciation & Amortization | 2.73B | 2.95B | 2.63B | 1.87B | 1.99B | 1.98B | 1.98B | 1.81B | 1.6B | 835M | 817M | 995M | 1.44B | 1.5B | 1.52B |
| D&A / Revenue % | 17.07% | 17.38% | 13.58% | 12.01% | 11.18% | 14.82% | 17.87% | 15.75% | 15.92% | 15.52% | 15.54% | 18.53% | 24.09% | 25.41% | 26.99% |
| Operating Income (EBIT) | 374M | 1.33B | 6.23B | 3.91B | 2.64B | -988M | 1.48B | 1.66B | 1.35B | 161M | 271M | 316M | 244M | 81M | -150M |
| Operating Margin % | 2.34% | 7.87% | 32.14% | 25.18% | 14.79% | -7.41% | 13.4% | 14.42% | 13.46% | 2.99% | 5.15% | 5.88% | 4.08% | 1.37% | -2.66% |
| Operating Income Growth % | - | -78.56% | 59.16% | 48.33% | 367% | -166.67% | -10.67% | 22.62% | 740.37% | -40.59% | -14.24% | 29.51% | 201.23% | 154% | - |
| Interest Expense | 4M | 1.18B | 1.09B | 749M | 853M | 598M | 296M | 381M | 529M | 224M | 1.1B | 1.29B | 1.75B | 1.92B | 2.75B |
| Interest Coverage | - | 1.95x | 4.17x | 3.67x | -0.83x | -1.88x | 4.01x | 4.19x | 0.81x | 2.12x | 20.45x | -3.31x | -3.89x | -0.58x | -0.40x |
| Interest / Revenue % | 0.03% | 6.95% | 5.65% | 4.82% | 4.78% | 4.49% | 2.68% | 3.31% | 5.26% | 4.16% | 20.88% | 24% | 29.26% | 32.48% | 48.83% |
| Non-Operating Income | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 2.8B | 1.12B | 3.47B | 2B | -1.56B | -1.72B | 890M | 1.22B | -101M | 250M | 21.35B | -5.56B | -8.55B | -3.04B | -3.84B |
| Pretax Margin % | 17.54% | 6.62% | 17.89% | 12.87% | -8.75% | -12.92% | 8.05% | 10.57% | -1.01% | 4.65% | 406.07% | -103.46% | -143.01% | -51.47% | -68.17% |
| Income Tax | 584M | 179M | 655M | 508M | -350M | -458M | 266M | 290M | -45M | 504M | -1.34B | -879M | -2.32B | -732M | -894M |
| Effective Tax Rate % | 20.83% | 15.94% | 18.89% | 25.4% | 22.44% | 26.6% | 29.89% | 23.85% | 44.55% | 201.6% | -6.26% | 15.82% | 27.14% | 24.11% | 23.27% |
| Net Income | 2.22B | 944M | 2.66B | 1.49B | -1.23B | -1.27B | 636M | 928M | -54M | -254M | 22.69B | -4.68B | -6.23B | -2.2B | -2.95B |
| Net Margin % | 13.89% | 5.56% | 13.72% | 9.61% | -6.88% | -9.56% | 5.75% | 8.07% | -0.54% | -4.72% | 431.49% | -87.09% | -104.2% | -37.24% | -52.31% |
| Net Income Growth % | -7.08% | -64.5% | 78.1% | 221.68% | 3.69% | -300.31% | -31.47% | 1818.52% | 78.74% | -101.12% | 585.1% | 24.92% | -183.52% | 25.47% | - |
| EPS (Diluted) | 6.53 | 2.21 | 7.00 | 3.58 | -3.26 | -2.62 | 1.30 | 1.86 | -0.11 | -0.59 | 53.06 | -10.94 | -14.57 | -5.14 | -6.90 |
| EPS Growth % | -5.41% | -68.43% | 95.53% | 209.82% | -24.43% | -301.54% | -30.11% | 1790.91% | 81.36% | -101.11% | 585.01% | 24.91% | -183.46% | 25.51% | - |
| EPS (Basic) | - | 2.21 | 7.16 | 3.63 | -3.26 | -2.62 | 1.30 | 1.88 | -0.11 | -0.59 | 53.06 | -10.94 | -14.57 | -5.14 | -6.90 |
| Diluted Shares Outstanding | 339.8M | 339.8M | 352.57M | 375.19M | 422.45M | 482.21M | 491.09M | 499.94M | 504.95M | 427.76M | 427.58M | 427.5M | 427.5M | 427.5M | 427.5M |
Quick answers to the most common questions about buying VST stock.
For fiscal year 2025, Vistra Corp. (VST) reported total revenue of $16.97B. This represents a 201.1% increase compared to $5.64B in 2012.
Vistra Corp. (VST) is profitable, generating $944.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.6%.
Vistra Corp. (VST) reported an operating income of $1.33B, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Vistra Corp. (VST) generated $2.97B in gross profit for the year, representing a gross profit margin of 17.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue normalization and high leverage
Metrics are mathematically derived from official filings.
Revenue Normalization Amid Wholesale Price Retreat
Vistra's revenue declined 12.4% year-over-year, reflecting lower wholesale power prices, yet management maintained full-year guidance, suggesting the decline aligns with internal expectations and operational execution remains on plan.
The revenue contraction is primarily a function of wholesale price normalization rather than volume loss, as evidenced by the maintained guidance and the CEO's commentary on building momentum. For an IPP, revenue is not rate-regulated but market-driven, so the decline in top line does not necessarily impair earnings power if hedging and cost discipline offset the price drop. Investors should monitor whether the revenue trajectory stabilizes as the AI-driven demand narrative materializes, which could support a re-rating.
Earned Returns Outpacing Authorized Levels
Vistra's operating margin of 7.87% and ROE of 17.7% indicate returns well above typical authorized utility levels, reflecting its unregulated IPP structure and successful hedging, though the gap may narrow as wholesale prices normalize.
Unlike regulated utilities, Vistra's margins are not capped by an authorized ROE; instead, they are driven by spark spreads and retail margins. The reported operating margin of 7.87% is modest relative to peers like Constellation (12.1%), but the high ROE suggests efficient capital deployment. The sustainability of these returns depends on continued favorable ERCOT market conditions and the execution of the nuclear tax credit strategy, which could provide a floor under earnings.
Fuel Cost Pass-Through and Margin Protection
Fuel and purchased power costs are largely pass-through in Vistra's retail segment, but the generation segment's margins are exposed to spark spread volatility; the reported gross margin of 17.52% indicates effective hedging and cost management.
The integrated model allows Vistra to offset fuel cost increases in generation with retail hedging, but the recent revenue decline suggests that wholesale price weakness is compressing spark spreads. The gross margin of 17.52% is lower than NRG's 21.8%, indicating potential pressure from higher fuel costs or less favorable hedges. However, the company's disciplined hedging program, which protected it during Winter Storm Uri, likely mitigates extreme volatility, and the nuclear fleet's low marginal cost provides a stable margin base.
Earnings Distorted by Mark-to-Market Swings
Vistra's reported EPS fluctuates significantly due to mark-to-market accounting on hedges, as seen in the swing from -$0.93 in 2025Q1 to $2.88 in 2026Q1, obscuring the underlying cash-generating ability of the business.
The quarterly EPS volatility is largely non-cash and reflects unrealized gains/losses on derivative instruments, which do not represent actual cash flows. For example, 2025Q4 reported an operating loss of -$1.7B but net income of $233M, indicating significant MTM gains offsetting operational losses. Analysts should focus on 'Ongoing Operations' EBITDA to assess durable earnings power, which appears stable given the maintained guidance. The Asset Closure segment also introduces non-recurring costs that may distort reported earnings, but these are real cash outflows over time.
Capital Spending Fueling Nuclear Expansion
Vistra's acquisition of Energy Harbor and investment in nuclear assets, including Comanche Peak, are expected to expand rate base and earnings, but the high debt-to-equity ratio of 3.99 may constrain future capital allocation.
The strategic pivot toward nuclear generation positions Vistra to benefit from carbon-free energy credits and potential data center deals, which could drive EPS growth. However, the elevated leverage suggests that the balance sheet is stretched, and the company may need to prioritize debt reduction over additional CAPEX or shareholder returns. The reported ROE of 17.7% indicates that current investments are generating strong returns, but the sustainability of this growth depends on the successful integration of acquired assets and the realization of AI-driven demand.
Winter Storm Uri Reshaped Earnings Trajectory
The extreme volatility of Winter Storm Uri in 2021 marked a turning point for Vistra, as its hedging program and generation fleet enabled it to capture windfall profits, setting a new baseline for earnings and capital returns.
The storm demonstrated the value of Vistra's integrated model, as the company was able to capitalize on price spikes while protecting its retail customers. This event likely influenced management's decision to maintain a disciplined hedging strategy and pursue nuclear acquisitions to diversify the generation mix. The subsequent earnings profile, while volatile, has been structurally higher than pre-storm levels, and the company's ability to maintain guidance despite revenue normalization suggests that the inflection is durable.
What Could Invalidate the Bull Case
The reported revenue decline of 12.4% and high debt-to-equity ratio of 3.99 suggest that Vistra's earnings may be more vulnerable to wholesale price normalization and rising interest costs than the market anticipates.
While management maintains guidance, the revenue contraction indicates that the favorable spark spread environment is fading, and if wholesale prices continue to decline, margins could compress further. The elevated leverage, with a debt-to-equity ratio of 3.99, increases sensitivity to interest rate hikes, which could erode net income despite strong ROE. Additionally, the market's optimism about AI-driven demand may be premature, and if data center growth disappoints, Vistra's nuclear premium could unwind, leading to a de-rating. Investors should monitor ERCOT reserve margins and hedging disclosures for signs of margin erosion.